Strategy

Marshfield believes that process and discipline are essential for intelligent investing. Its seasoned research team engages in a rigorous collective process designed both to build a strong conceptual case for its investments while identifying inconsistencies and concerns and to achieve consensus while avoiding group-think. The Fund will typically hold from 16-24 equity securities plus a cash position. The cash position will, on average, be in the range of 0- 25% of the portfolio and will be an output of the Adviser’s buy and sell decisions, not a tactical maneuver.

Companies on Marshfield’s “buy” list should have at least the following characteristics: resilience (i.e., the ability to sustain themselves during difficult times); profitability (i.e., a long-term return on equity above Marshfield’s discount rate); and disciplined, thoughtful management (i.e., who balance the interests of shareholders, customers and employees appropriately, and who think about the long term). Initial or enhanced positions in stocks on the list are only bought if and when they trade significantly below what Marshfield believes to be their intrinsic value. Stocks are most typically sold either due to price appreciation or because the conceptual theory no longer holds.

Fund Documents

Marshfield Fund

The Fund is premised on the belief that in order to outperform the market, an investment strategy needs to be different from the market in as many ways as possible that add value on a risk-adjusted basis.

Mutual Fund investing involves risk, Principal loss is possible. The success of the Fund's investment strategy depends largely upon the Adviser's skill in selecting securities for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. Investing in small- and mid- cap companies involves greater risk than is customarily associated with larger, more established companies, including being more susceptible to market downturns, less liquid and more volatile. Investments in value stocks present the risk that a stock may decline in value or never reach the value the Adviser believes is its full market value.

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and may be obtained by calling 855-691-5288. Please read carefully before investing.